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Evertz Technologies Reports First Quarter Results for the Quarter Ended July 31, 2023
Burlington, Ontario--(Newsfile Corp. - September 12, 2023) - Evertz Technologies Limited (TSX: ET...
About this update from Evertz Technologies Limited
[{"type":"text","content":"Evertz Technologies Reports First Quarter Results for the Quarter Ended July 31, 2023Burlington, Ontario--(Newsfile Corp. - September 12, 2023) - Evertz Technologies Limited (TSX: ET), the leader in Software Defined Video Network (\"SDVN\") technology, today reported its results for the first quarter ended July 31, 2023.First Quarter 2024 HighlightsRevenue of $125.8 million, an increase of 23.9% from the prior yearRevenue in the United Sales region up 14% or $10.6 million from the prior yearInternational Revenue up 66% or $15.5 million from the prior yearEarnings from operations, before foreign exchange of $24.4 millionEarnings from operations of $22.3 million, an increase of 16% from the prior yearNet earnings of $15.9 million for the quarterFully diluted earnings per share of $0.20 for the quarter, an increase of 13.0% from the prior yearSelected Financial InformationConsolidated Statement of Earnings Data(in thousands of dollars, except earnings per share and share data)     Q1'24   Q1'23  Revenue $125,819 $101,538 Gross margin 72,036 58,524 Earnings from operations22,30719,304 Earnings from operations before FX   24,359 18,273 Net earnings 15,892 13,930 Fully-diluted earnings per share $0.20 $0.18 Fully-diluted shares 76,529,150 76,408,281  Selected Financial InformationConsolidated Balance Sheet Data(in thousands of dollars)     Q1 ' 24   YE ' 23  Cash and Cash Equivalents $48,934 $12,468 Working capital 173,419 171,428 Total assets 471,966 436,652 Shareholders' equity 244,567 243,098  RevenueFor the quarter ended July 31, 2023, revenues were $125.8 million, an increase of 24% compared to revenues of $101.5 million for the quarter ended July 31, 2022. For the quarter, revenues in the United States/Canada region were $87.0 million, an increase of $8.8 million, compared to $78.2 million in the same quarter last year. The International region had revenues of $38.8 million, compared to $23.3 million in the same quarter last year.Gross MarginFor the quarter ended July 31, 2023, gross margin was $72.0 million as compared to $58.5 million in the same quarter last year. Gross margin percentage was approximately 57.3% as compared to 57.6% in the quarter ended July 31, 2022.EarningsFor the quarter ended July 31, 2023, net earnings were $15.9 million as co...